Income Tax Tips: If you do so many transactions in your Savings Account, you will receive an Income Tax notice..

Saving Account: Some rules have been made by the Income Tax Department regarding the savings account, which is very important for the person to know. Even today many people are not aware of the transaction rules of the Income Tax Department. Today we are going to tell you about these rules of the Income Tax Department through this news.

Know what are the rules of savings account-

According to these rules of the Income Tax Department, the total deposit amount in a person's savings account in a financial year (Financial year 2025-2026) should not exceed Rs 10 lakh. If the person makes a transaction more than this limit, then the information will have to be given to the Income Tax Department. At the same time, according to Section 269ST of the Income Tax Act, there is also a provision regarding transactions in the savings account.

Under this provision, the account holder can transact Rs 2 lakh in a day. If the account holder transacts more than this in a day, then the information is given to the Income Tax Department by the bank (Income Tax Department rules).

Information has to be given on so many transactions-

Let us tell you that according to the rules (saving account rules), if a person deposits Rs 50,000 or more in a day, then the person has to inform the bank about it. Along with this, on depositing so much cash, the account holders also have to give their PAN details.

If for some reason the account holder does not have a PAN, then he has to submit Form 60 or 61. On the other hand, if a person transacts more than Rs 10 lakh in a day, then it is considered a high-value transaction. It is necessary to give information about such transactions to the Income Tax Department (IT rules in saving accounts).

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